Centuri (CTRI) 6 Nov 242024 Q3 Earnings call transcript

Good day, everyone, and welcome to Centuri's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jason Wilcock, Chief Legal and Administrative Officer and Corporate Secretary for Centuri. Please go ahead, sir.

hello, and Madison, you, everyone. Thank joining We call. appreciate you our posted Holdings' release. website morning, we third Centuri and issued earnings This our to quarter XXXX The are website. slides call on accompanying Holdings' Centuri also available today's will Please on impact year's and note earnings factors some guidance. today's we this longer-term that provide that address call, may certain

assumptions be based information as uncertainties, what Reform forward-looking Act. several on statements today are statements on Private within but of the to economic the approvals. discussed the and Litigation Some the conditions today's including impacts Securities and date of management's that will holds, regulatory subject future contains meaning of surrounding the future uncertainties These of are and risks

and made such our a we press note differ well in as risks today. assume materially of from update available and replay XX regarding caution filings to be on Relations reliance Investor cautionary after actual this is X as obligation may note release, no to to Securities and you presentation, and which with today's Commission, call. measures uncertainties and Exchange undue cause any forward-looking is will the placing statements, our and non-GAAP this These This Today's being any website webcast we call for also completion live statements section shortly review. the of encourage the included statement. Slides the on against We results of

I'll Chief to the from Strategy Centuri Chief Caudill, Haller, turn and and we Commercial over the Interim On Karen Paul Connell, Chairperson call Karen. Financial Izenstark, the Chief Officer; Officer; have today's Board; team: Jim and Executive Officer. Greg members the now call, Holdings following of of leadership President

with join your leadership Centuri. for Centuri's progress thanks today's transition made we've interest to in and to process. discuss Jason, the call excited I'm Thanks,

as cultivated organizations Chris brings delivered saw record through we become in leading that on process, Brown of previously TSX-listed & a experience FTSE revenue Chris most complex X. and As Chris business driving Engineers of over for privately in large of and following expertise Constructors, company, CEO E&C and XXX industrial company. the wealth the growth through as a company a sale role search including CEO in was you likely He of December held announced a will Intermec, instrumental track success, and years energy a significant Kim's listed his leadership has CEO proven evolution E&C thorough increase to yesterday, a Centuri's global nearly recent sectors. E&C a SNC-Lavalin, X having led and which its sixfold in

his expertise his addition style, I strategic Chris was experience, In in of collaborative his Chris' his proficiency great be to leader for prove will attracted a at growing to Centuri. proven believe building approach, to sales teams Board the organizations. and

Centuri. the and vision and On Our strategic relationships in commitment even Paul expertise Board, entire behalf His want an increased a now and value during excellent Centuri. Chris' and welcome to and for enthusiastic operational agreed who to past utility the turn with our stakeholder and Chris has entire operational and assist engineering the We upward of Paul, with continue has on the background leadership transition support confident has already call will his understanding utility is job months. Chris leading Paul? at him energy new with approach electric lead organization bringing has joining commercial, our infrastructure team transformative done express Board time. company about few heights. his to starting to Chris to the who deep to Centuri I to forward to over look the a sector Centuri to of deep team, I the and am the the will company gratitude Centuri's companies. X. I'll major trajectory December that to long-standing proven

appreciate on the how approach good in an we're everyone. diversification. platform main cost call, things. the ongoing intentionally Thank and appreciation morning, Karen, our X, number to results today's I take call for you Number Number leveraging our scaled focus quarter. capital We with disciplined And and you, our on and X you'll one, control away participating X, hope growth us allocation. following today.

our of Centuri's important performance. all we long-term I with work challenging help would workers support By and us, than by season on the incredibly of point to living who us our nonunion communities of at safety. employees, serve. people performed were power. utility could the line I our and way to union Centuri our customers, restore customers, efforts. our and trust their and to partnerships hurricane of strength with building teams focus be our their Nothing deployed Aligned the contractors prouder have customers in the this lies safety energy example, not earning in we working with the more we through is

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us in to Our work strong new positioned has and markets. compete footprint these win for expertise, and core resume geographic

capability be pursuing that customers needed for into risk construct you'll winning Commercial Think we To core as work minutes, gas, are smaller a and a our utility feel couple hydrogen to commercial significant our opportunities, clear, with and data competencies intensely Jim like investment that center provide renewable from includes capture. some underground new a who few progress. and This services will the more Connell, match examples. of Officer, in In and insights great a scale our hear natural Strategy fiber broadband on Chief carbon profile. projects fit. strongly is with bid our focused We

to turning our Now results.

began in This continued. and has trend incremental experienced during includes a our July onboarding properties in have to existing the crews additional improvement electric We the electric of that positive business, quarter. customer

Hurricanes driven did new restoration not customer spending the strong current Beryl base. services, delivered regulatory-driven significant of We our impacts also performance by delays any face among Helene. storm in and We

under relatively MSAs, our particularly spending remained However, business, subdued. gas in U.S.

unique the a encountered equipment U.S. period, insurance-related few mainly gas. also challenges and including impacted during We that costs in results,

to factors mind, directly addressed let in these With have me important several dynamics address how them. business we and our

remain customer our just a risks adjustments natural to spending North part inherent of business as on future the more our are mentioned, trend MSAs. company. key dips First, We energy has gas almost future. any is under not or U.S. that faced to a It's as Cyclical market muted gas of unique bullish business. America's

focus relentless cost We discipline. through mitigating market business risk are of and maintaining the broader diversification on a

Centuri The purposefully and you today been see built. has business intentionally

You that XXXX, customers largely might recall around utilities. our were gas

Centuri Today, between We was out a across the the services time, electric scaled level platform from line. revenue infrastructure nearly side business. and the fully built restoration into platform to In fact, and round split of gas gas around the business a geographies. services. storm out a our offers that services we derived also XX% In of set strategy company's and diversify electric

across the collaboratively adjacent the gas will We're core electric We and working of to capabilities we'll path. and business, this markets. operating our grow our sides continue down companies deploy both into

call, second in annualized savings quarter $X.X our critical by results $XX company these and the expenditures to In supply remains and that the corporate initiatives. our review of million focus. cost of We SG&A million. earlier, of noted we've estimate benefited our which initiatives is and generate capital previously discussed highlighted XXXX. completion we control a approximately expected of overhead, X-phase reduction We fleet quarter As savings third chains also operating

roughly total negotiated process. bringing XX achieved with we to quarter, During chain renegotiated our successfully began We've third major top we supply vendors. spend discounts contracts additional with average the our approximately suppliers XX% of X this annual have XXX an and the of since X% contracts, addressed the

As it where has our possible CapEx which capital, in on the to equipment business, are quarter. we across third benefited relates focused sharing

maximize turn Connell, idle Jim? service fleet allows We visibility asset Chief over our the total our Jim Officer. Commercial continue and capital now it to and our assets our entire ultimately refine and to I'll utilization which us tracking benefiting time, Strategy to to spend. into company,

morning, everyone. good and you, Thank

alluded compelling to business. Paul in opportunity front our of unique we to, grow us set and have As a

million During $XXX awards the and $XXX awards, awards. third quarter, master we agreements service new in secured more including MSA $XXX million than strategic in in bid or million

revenue gas MSAs, bid business' work our Prior gas award like first, earned award, customer and an In targeted completed in opportunity a in compete for bid this other others from U.S. and total. million project to and position longer-term award a a bid directly our us an with reflects on $XX in from U.S. had of competitively projects This this expectation, geographies. award to same the This first-time customer few our us If for a or in performance meets partnership. nearby Appalachia. this smaller scale estimated performance has award puts we this successfully business which customer. multiyear secured execution

CapEx. wherever large of serving Though of a our Northeast. a the customer ability work. choice project adapt partner award secured in diameter they long-term to from long-term long-standing size, MSA, partner station needs highlights our Also in to the a in as includes the third upgrade clients installation quarter, relatively an to deliver we This our and spend after bid under modest ever-evolving choose MSA pipe the and services their project to be to first

mentioned commercial in the our storm Paul which briefly out of touch at operational response call. Before some noteworthy the work, the beginning pointing on achievements I'll and quarter,

of both core extremely us. positioned is to when customers workforce and and nonunion who trained a respond the in skilled geographies storms severity in occurrence in work unpredictable, been strategically qualified our need and this offerings While highly establishing and with are union we've deliberate

and of this effort Although weather, through predict It's by is able capability our prospects we'll accident. be be building the up very capability positioning and storm with and alike. deliberate success never to in intentional assured customers not our the

business see we to new our storm also continue be longer-term our door successful an to customers. response I'll and important for note, opener opportunities serve performance-based, is

continue the was role offshore X,XXX-megawatt England. to project Massachusetts project announced we Vineyard Riggs awarded now for of to wind forward wind. fabrication assembly offshore an provisionally look playing components July, for foundations space. enjoy to status with we subsidiary integral X, as and we offshore for first-mover September, our in in secondary Vineyard by wind Distler's Turning a and The Offshore agreement In New steel in

just with of goal XXX,XXX announced of renewable over to of In energy, XX% significant nearly power construction components This the Sunrise September, milestone completing project, a the foundation specialized Wind set renewable Albany, south York's XXXX. project, homes energy New we of in turbine wind Orsted York. supports New half by

backlog. Now turning full our to

intervals renewal times their As at sometimes out. discussed and year hit we've our multiyear MSAs and are typically X more other in different before, spread times, agreements several

reason, For In this continuing to we're we quarter where customers a year, in can the next for existing up the backlog third a our MSAs phase we few have later fourth fluctuate. with expect quarter, renewal. through and

second $X.X the our the billion result, billion a the third quarter backlog As of of to end the quarter. $X.X at decreased from end at

as strategic we additional bid ahead, awards. growth growth, larger securing pursue Looking we anticipate by

this While as customers. make entry we support for this these term, wins served growth as an near our has may expect the backlog long-term backlog will ultimately in over time more that excellent point variable

others. and fully leverage making position capture a customer existing we in such markets to diversification sequestration, in and more focused our emerging hydrogen further base specialized tailwinds, hires key. are prioritizing to areas datacenters, competitive strengthen on as is of our customers and also closely carbon tied our To market Being the key

look over In quarter it and I'll about Greg? ahead opportunities are to our summary, forward. dive now to forward excited more CFO, the we third going to hand progress Greg sharing into Izenstark, results. the

Jim, who to joined call good our you, today. and morning Thank all

work, profit to declined both in X.X% gross was the XX.X% bid MSA year, in third lower, the and revenues lower Third XXXX. quarter gas driven compared third continued customers. to profit decrease was of last the spending in were activity, consolidated by quarter the revenues wind mix margin The offshore and XXXX same margins XXXX consolidated U.S. of subdued our among period while compared XX.X% XX.X% gross quarter of and

stock down part million of per by in common net third On $XX.X of $X.X $X.XX a GAAP quarter loss last items $X.XX, to common year's tax share or basis, came in just or diluted attributable net changes earnings in in to million this year, income from share period of per our a rate. same attributable the operational effective stock with along driven in at diluted the mentioned, loss

a benefited the EBITDA, These non-GAAP total year In year-to-date. Paul of with earlier. was third company year figure, quarter. for the EBITDA have $XX.X on and business the was target XX.X% the percentages Adjusted XX.X% from quarter and XXXX, or are from margin quarter lower full outlined X.X% adjusted million guidance initiatives our prior

quarter income as debt. several prior between or included including line an transaction adjusted an $X.X the net period, $X.XX, year unique accounts in early and factors million items, that and loss million of mostly $X.XX million with amortization million well receivable which share difference share of earnings or of from came year were assets, in Non-GAAP in $X.X a to intangible in $X.X as income extinguishment the period. $X.X per noncash prior down third such of adjusted $XX.X million loss the on this was diluted earnings net our adjusted fees as securitization at $X.X in per million adjusted net The diluted of

in Before than results, and about that the in million restoration last X quarter. in the employees efforts. $XX.X million $XX.X million recognized year Recall have first XXXX services following year's than first year, words no on to territories, revenues turning during early third a in storms in XXXX, quarter. weather the revenues while XXXX quarters higher $XX This X the double XXXX of alone. including third X,XXX the through $XX.X of year's named the were Through more X% quarter significant severe quarters This few than was services high we the generated segment part abnormally we million prior last restoration occurred of more our respond our throughout to dispatched events.

fourth the third restoration the in work Through hurricane you of much quarter was Hurricane third landfall from generated storm of in million Helene's we an many into Milton's and the Hurricane As early Hurricane and of end the somewhat revenues, quarter, which likely Beryl's know, the services the early was have very October, aside September continued October. activity in impact, end of at in estimated from the landfall near uncharacteristically quarter. reflecting that early of $XX period the end

and to proud those bring back as destructive our all We by events. work power to are these remain impacted possible, our as team's weather quickly impacted of communities the incredibly thoughts online with

to we our year-over-year Now notable did larger at to from not our segment. decrease with million, U.S. segment reflecting MSA a our reportable changes described of X.X%. Gas If customers, we any each regulatory-driven Revenue totaled of what incremental look $XXX.X to volumes, quarter. any encounter we you last

remained arising rental including Gross in downtime self-insurance work from including conducted the costs, prior bid of spending part relatively work, utilization in to lower period. in adjustments the as subdued led and to and of overall that period in of we productivity for prior decreased Impacting unfavorable into fixed However, and current higher bid operational mix by quarter issues, coming this the job lower several in caused corresponding costs period. years. and the in and XX.X% margin year breakages equipment segment maintenance repair the were factors, claims from XXXX profit X.X% expected third the higher-margin

the $XX.X prior from pricing. XX.X% Canadian due but totaled work quarter the Revenue and year margin of of was under third primarily mix in volumes XXXX. versus to in driven reflecting decrease our This by Gas expected profit XX.X% a to MSAs, compared of existing X.X% million, net reduction increased decline gross segment improved period, a to

of In year-over-year. $XXX.X a revenues our million, Union segment, Electric were decline XX.X%

Orsted's offshore project primarily flat the Jersey. you by year-over-year. wind, Ocean cancellation separate October of in this our impacted XXXX we New out Wind offshore essentially revenues If to business, were were wind were In year

modest Electric which improved profit Electric of in at third experienced in of the wind the X% revenue year-over-year. as of restoration in and Gross for Union million year-over-year core the the quarter mix the that Union of revenues to $XX.X compared came work our segment with segment lower reached along in subsegments, on impact in wind, restoration services XXXX, period. than the Beyond the or Electric cost year lumpier offshore X.X% we increased of the Thus, was growth excludes prior $X.X and due storm basis X.X% increase million XX.X% quarter Electric million, in third a services experienced quarter XXXX Ocean to offshore closeout million. Union wind third $XXX.X project, a Wind savings. Non-union XXXX segment $X.X to of the storm

reflection the along versus several work. In the much more the improved restoration on increased addition XX.X% prior to customer this in profitable addition storm quarter contribution from revenues, of storm higher year higher period productivity, driven hours. improvement by properties, XX.X% a current period, gross Segment in third with of work in crews year's the saw a profit

the million reported reflection EBITDA year on million recent This XX%, a net adjusted We period healthy discipline. prior flow which compared of capital of capital to of levels. expenditures a free the during is to above of in quarter, continued our focus cash $XX $XX.X drove conversion

facility X-year we receivable up used repay were $XXX utilization September, facility to loan. our this in aggregate our term the of entered from amount to late into a existing Proceeds securitization outstanding primarily amounts In accounts of under million.

opportunities financing us our our securitizing continuously We and allowed are to AR interest lower expense. evaluating has to structure our optimize

basis, on adjusted We XXXX, services to infrastructure peers. de-levering to the of $XX.X sheet as EBITDA on as cash end to the end which XXXX. remain business X.Xx in from our net the On balance X.Xx million focused debt with quarter quarter the our quarter ratio second was cash equivalents the of the trailing is ended a and and closer the of XX-month be of down third

guidance EBITDA in be at our midpoint revenue, year-end of me we it our full reiterating to capital expenditures. our guidance, adjusted Paul? to year to to provide XXXX closing Paul With we our net let the and the to leverage mid-Xs. some turning continue that said, expect margin back turn are on Lastly, At thoughts. outlook, XXXX

remain about and ongoing with investments In grid tailwinds sector, driving the including our growth infrastructure our energy serve you, that safety company programmatic expansion, customers existing We with spend, as adjacent we to capabilities and Thank enthusiastic in federal investment forward. closing, see opportunities deploying new Greg. and customer combined in clean our exist markets. from key

market on We opportunities business adapting expanding to our focused a through expansion. are customers and proactive and intentional new our keenly approach and client with

Thank very and next start have about of leadership a for your as intentional moves Against and ultimately I'm utility path aim thoughtful continue on beginning I long-term discipline the forward. continued and the we the operate for the strong continue part we We a future as our been emphasis partner under our session. opportunity value building month your cement it remain to backdrop, the Brown, Q&A business capital will you this to excited grateful today for to and to strategic support. to for shareholders. Chris plan as delivering you business, this work Madison, a to customers. control and our time reputation company grow energy and our of cost Centuri's of with can

[Operator with question Instructions] And first Hauke Justin we Baird. take our will from

I've couple a guess got I questions. of

guess the guess would see, base one, first the bit versus storm the better. Let's to a like I business little I contribution understand just I

million With $XX far put you've for that year. to million done you like in $XXX up the XQ, that so the would

-- about historically double the you million $XX that what your work business guys and can you talked on like base is. have are be think do I margins

Is moving want And bit just that's work in from guidance the around that? what's little not offset just the lighter coming the that? a pieces MSA I the understand here, so, just with changing maybe gas or it to

start I'll the quarter fourth is done, morning, control $XX have lot don't Good accurate. your about for in year a of over we of location Obviously, we guess on given storm activity, storms, that. the but Justin. number million have I and the full fairly the

around business of most excited growth electric that about are notably work and is We crew doing some our increased hours. nonunion work the

a be for going of All positive those and to XXXX are beyond.

in a the line noted. reduced we delays are material bid Union work. we a we've and change That in was on some we bit side, But the with seen spending, our projection in also haven't that. awarded seeing seen gas Electric some little On MSA side as

in playing we this morning, And also so We that projection. today. are sit our guidance. we overall, But and full very confident it into where is reiterated we're our year comfortable

The be wanted savings the you've $XX my cost some just that against I did just trying savings, saying in just 'XX. understood annualized actions just I'm in you're to that from million? make taken the numbers sure expecting Is you the guess I guess, just incremental? around programs. the to question that you quarter? you that $XX that would second with I reconcile about. $XX of is full million are I you're in million million where Or savings the talked what that $XX recognizing

and you're quarter are recognized $XX that $XX chain million cost X amount, O&M related. Cost the and that is count on kind repairs there. million $XX that spend side. And chain reductions. of reductions third to maintenance supply estimated of that The different Of is and of supply is savings related is annualized buckets. referencing X in the subcontractors million we about that, in more quarter. about fleet $X.X stuff There's and more related announced savings Those our Of million the kind $XX million second head be the like people $X about million is kind then for gotten and that. buckets to and the we to different largely the costs, capital we've

take will Joe Fargo. O'Dea Wells we And from question our with next

regional exposure you one and other? there versus seeing Can and electric more versus other strength related behind bit little bit are more if union a on side or some there factors little whether you're the differences nonunion a elaborate of and that's the the to seeing more in

than have on our backlog encouraged in our from nice bid of -- side. demand delays again bit the seen to of it highlight the electric some have perspective, those. non-union a our But from we're little bid I'll we across customers. on focused the really been the side. And have increase on is encouragement mean projects, union I we're electric more while timing by to crews businesses, seeing core we pipeline both nonunion a related electric And side,

about maybe agreements then about the reviewed. in of you just have And terms chain you moving how I side, that XX% forward, on of think been about supply talked think

Just the through those full line for of through time full as your reviews? a that the set you the anything you those, going from value of -- sort make way opportunity

Yes.

make We on progress continue that. to

specific or for then working to We we to the us deadline every through going of benefit little that for for of our good to to it are continuing to progress supply time time ones fully take more and little front. fully haven't make put We're our in renegotiation a get and appear work all date us progress chain internally actually But first will a results. each on how take. more bit trying or it long make quarter. on the obviously significant to a and bit that's through But

question take our from with will Sangita we Jain And next KeyBanc.

wind Greg, if you're us, how about you offshore et of in much that currently elections, results backlog how can cetera? do for given thinking the have you your and remind

I really wind. have. it's probably on think spread wind comfortable with far for the election, is. the recent work given little XXXX. Yes, perspective, comment to a we we're how that But that, we into our in just offshore the for us will early as That's related to from announcement backlog $XXX have fourth quarter the both million as do roughly and offshore early And

of We space. our have talked with region. advantage take we in really of the project, advantage a little we number continue Vineyard strong developers relationships to in and the a bit first-mover think about that earlier We can

with Got could I the to just environment. outcomes if up appreciated you're one I in material any XXXX case And can MSA-related it. for growth the maybe? support I if rate comments but gas wanted that spending earlier, on follow check waiting

to It's mentioned today. hear outcomes. from you macro take level, the at I'll Yes. the With that one. specifically gas nice regulatory you

X our our regulatory that More reducing process is We're customer announced reduce really we that spending, our means with really a announced our our we're reason. drive using across or and to scale mention to have down footprint. adjacent down markets, to I'd one into made business them, customers all We expand customers mentioned that gas for year capabilities think on scale drive X, When grow of won't gas locations or using consider about looking that's this of services highlight aligned decision business impact great thing want did geographic and I that going or reduce use closely. president. to a on costs. earlier to capabilities are the I gas on consolidate the Jim that the just into and business pending with you more under on undergrounding We use engage results. the we're But important, X to key of existing priority also customers have that like the gas think decisions. then U.S. risk in adjacent about base. our diversify of that have X staying should We're an these We very and markets. One to business, to I focused using would gas top costs. to spending, kind when of our #X as other scale size they

from take And will our Steven we Fisher with UBS. next question

bid for some quarters nice mentioned out know a there opportunities you have that I out. few you

just overall about targeted give mix you for general? for on And maybe update just can in bid talk that the you the competition work work an curious, Just is us if have bid versus can you looking how MSA work.

I the second part maybe do of can competition the you take to address the Jim, and want question?

clear, be customers it's a your XX% and more vast here. and in is that to do we we bid. investor-owned The to work But mainstay of out point, the environment across resources. utilities trends -- pointing each work this regulated is roughly are And utilities, continue earned Canada. a our Good bid everything To and United competitive have Steven. competitively suggest morning, States day. than have every that customers also Jim new reminder time worth over it's we great the the majority with that

scale growth we on our more CapEx to opportunities. or it's most And From general, the in on market a of research significantly successfully so the outsourcing, not which, continuation piece execute and place a same to those in going we in of organization and which turning changing faced position to look you forward. suggests participate and land turn, will And the we know, front, at as in what new able their us in across to the track that perspective, be of especially is of every players, we puts but of much history that spending, the frequently. when

a do smartly. at a us, way, risk efficient these kind is our here move kind across we We put over a but smaller It's going Yes, move the just bid this we to opportunity Jim. set that be and to of total will But kind into to away kind of scale basis at few have. a in a risk-informed it's would but portion very company mix. target our discussed point or But projects, the of of of financials do we're project from haven't it going we're a Steve. I key a move kind way MSAs to for have work bid we're can the going we growth, for of risk going company this. announced time of longer first as in all, We've have informed. of opportunities. And period going this so highlight Thanks, this. thoughtful we we the already so as into great

of of you could related few completion? Kind dollar talk That makes the on risk how the many of going sense. those where amount of issues. we are And their maybe productivity jobs in percentage you are lower the had in about? was talking impact can then equipment to mitigate they quarter? projects just a How that What forward? actual And the if you about maybe the

rods we equipment largely of boring construction And or That year. just a business. of had, unfortunately was handful broke. largely of the before equipment the nature end there the that will the really mean I complete just Yes. it is our to relates are They jobs. complete and certain be

break to But was As work, just and a of we those. tend correct handful jobs. do, things fairly to we're doing down, fix need obviously and will it

we And JPMorgan. next take question our Drew from with will Chamberlain

decline plus just appreciate to the quarter the 'XX? hearing expected that think signs their other then for obviously like can go I this backlog for the that just feel your and and of up parts you're 'XX into are that. what want you you into But how what sets with bookings you the levels early in into customers and just kind generally moving from spend about start do really in how coverage and

Jim, that do you want to one? take

But find deploying. But it. their it's have to have work they Good we able and out the project those our out. existing once backlog. off a their morning, here while And forward, term thing. we in we business, timing backlog we What anticipate last renegotiated purposely also stable that environment. for our And it's to that to be backlog decade, is theme long-standing will every of Drew. long look with lot assured, a then based resources successfully prospects MSAs being organizations ways, the of We're a we position have is customers backlog that term, mentioned a when MSA way and to out to 'XX, speaking, that working the bullish they MSA at ourselves we've fluctuate heavy are experienced working every had. that we over a to the are just MSA From more gone are that executives important we as time, customers ways rest out organizations, our in point it's many and generally perspective, that that moreover, difference in multiyear, In them go than have of complete met all a messaging on those day that to with and extended it's work that in into bifurcated point and messaging we've historically our the in backlog meaningful we each of consistent new don't win. over those again put good virtually and also and the they're a

hurricanes -- XQ to And I being I the material the ongoing. just might noticed done? the storm incremental that's already of restoration this that fall Okay. one from And into work then work there maybe that slide that's what's still the said be is is other embedded million the rest $XX mean, done? guide the been

restoration announced. We don't have that's already ongoing what work any storm I beyond current

back at additional for to appears turn the remarks. this it or I closing there now further time. that And Paul any program questions will no are

this Thank safe for Centuri. the interest week. Thanks, of great really very And of help for rest appreciate Madison, Be a participants, morning. the your much. have in we and your you all

Thank participation. you. today's does Thank This your for conclude you presentation.

You any time. disconnect may at